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EtMlVGf PV&lAC LfebGEB-PklLADELPHIA, FRIDAY, .tANTJARY 28, 1921
23
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lllillinilllllllliilHHIIHlMUillllililliliHlliHIHHIUiliiiUilWlllHHihHi)i,tllH,ll-nmronnii
A Remarkable Forecast:
' Made in June, 1916, by Atthur S. Dewing,
of Harvard University '
"The attitude of the general bualneBB man will
chnnge. Peace will bring: its reiuBurances.
General busineas activity will ahow signs of revival.
Gradually tfenoral prices Will rifle, with the increase of
demand for commodities. Optimism will supplant pes
simism and hesitancy. Large investments of fixed capital,
by-producers of floods in plant extensions, and by
consumers in better houses and more luxurious living, will
easily absorb any accumulations of savings Bet aside dur
ing tho war. Interest rates on current loans
will rise as the fabric of credit begins to stretch ; but this
sign of impending expansion will, as always before, go'
unheeded. , The United States will experionde
a general business boom 6n a scale of breadth and aban
donment never befdro witnessed. Prices will be higher
than ever, wages will be higher. All caution will be lost
in the hectic orgy of speculation. Business men every
where will come under its spell. Farther
and farther will the fabric of credit stretch; having been
Stretched to its uttermost, it will break. Then the deluge.
In any case, when the crisis does come,
it will bo with unprecedented velocity and intensity. The
very strength of the feeling of industrial optimism will
make easier a sudden reversal of feelings. And when the
business community finally becomes conscious of its con
dition, the stretched credit will rebound with a force
proportionate to the extent it was stretched. This sudden
contraction will reach and paralyze all business.
Europe, loaded down by external debts and struggling to
reorganize her own industrial machinery, will still be
looking to us for help. Such a panic will
come quickly and the period of intensity will soon be
over."
Everyone wants to know about business in 1921. Dr.
' Dewing gives a profound analysis of the situation in the
next issue of "The Corn Exchange." It is a different kind
of a forecast READ IT.
3.
Corn Exchange National bank
Philadelphia
Chestnut t Second
you arc not on the mailing list, and wish a copy, advise xu.
nilllMIMIIIMIIIIIIIIMinillllMIIIIIIIIIIIIMIIIIIIIIIMIIIIIllllllltlllllllUIIIMIIIIMHnillllllliniiiiiiiiiiiinHHiiiiiiniii!!),!!!!!!,,
The BeneflGial Saving Fond Society
of Philadelphia
12th & Chestnut Streets
Condensed Statement, December 31, 1020
ASSETS
Ca9h on Hand
Due from Banks
Investment Securities :
United States Loans... ? 4,363,858.26
Municipal, Railroad &
Other Bonds 12,985,981.97
Mortgages 8,187,129.00
Loans on Collateral .... 1,448,069.96
Real Estate
247,075.13
1,862,644.67
1
LIABILITIES
Surplus
Deposits
21,034,989.18
809,000.00
124,858,608.98
1,888,351.48
22,965,257.50
924,853,608.98
Number of Depositors, 20,883
President
Jehn J. MacDanald
Vlr-Frldtnt '
William V. MrOrMh, Jr.
Secretary Am. Trem.
I.aula X. IVtilrnot
VlnxPre. A Tra4urr
Alfred J. Uoralijr
AmKtaat Treasurer
Thorna. It. OolUoan
Alfred J, Murphy
Jtrt-mlah J. Htilllran
Charl A. MrManua
Jalin T. Dohmi
Walter (laortt Smith
Anth.ny A. Mint
lrnatlui .1. Horitmntiu
0ro TV. Norrla
Sollellar
Anthony A. lllttf, K.
MANAOfcllH
John J. Mar Donald
JairtM M. Krllry
Joirph M. Knttl
Edrfhrd J, llooner
Joirph O. Trainer
Hon, 3$ph T, Laxaartll
John K. Lolitriraji
Thoniat Drtlln
Joieplt T. flallatfhMr
TTat. V. MaOralfc, Jr.
Mttharl T. Hum
Henry O. Kallac
Kmrr r. UIhTl
TVIIllira . Darle
Uarld J. Smyth
Loal K. Prqalynol
Murtha 1. qnlnn
Over 8
Still Obtainable
Although the yield
of good bonds is
gradually decreasing,
it is still possible to
invest in the mote
conservative type of
mortgage obligation
at prices which
provide 8 and
batter.
For an example ask
for our Circular
No, 7304.'
Bonbright & Company
437 Chaitnut Stroat
Philadelphia,
New York Chime a
lluitoa Detroit
A COMPETENT MANAGER
FOR AN INDUSTRIAL PLANT
A "turn of the whacl" mnktm available for enjrajrornont
n man whom I can Indorse ns competunt to aft an operating
(head of nn Industrial plant of 250 employes and over.
His 12 years' exporlenco ns enrjinaor and exocutlvo and
his record of nccompllahment recommend him.
A trained, ulurt, active man possessing poise, Judgment
and decision. Address
MOKRIS L. COOKE
MOD Finance Untitling, Philadelphia, Pa.
Combines
Safety
and
High Return
Cities Service Company
Preferred Stock
naclird by lare and trotting
eqnltlei. Illrldend earned 4Vi
lime ot.r. 24,000 holders of
retard Indicates wide dlntrl
bHtlon, broad mnrkrt a ad
confldrnre of Interior.
Rttarnt, at prmnl prteo mwi th&n
9
Prle at marhtt
Clrtalnr "I" an r.cjuatt
Henry L. Doherty
& Company
604 Morris Building.
Philadelphia, Pa.
Telephone I Locoit 1440
G tO. A. HUHN & SONS
xwbrbl
., Tort n-O
nlttUn Order .an
Jt tU frlnotpal M
111 Prosdwar. New Yot
" new
?-'nanm
WaK'i
Near TerW nie .
CammlttUn Order Ekaeytad la
All tU rrinlpal Maricefia
VUVUl tslUHs.
GOSSIP OF
THE STREET
The chief topic of discussion in finan
cial clrclm yesterday was the reported
new $00,000,000 bond issue of tho
Pennsylvania Rnllrnad. This, of
cotirso had been foreshadowed by the
recent announcement of Bamuel Ilea,
president of the company, asking the
authority of the shareholders to in
crease the bonded indebtedness of the
company by $100,000,000. The action
of the Pennsylvania management to
make n public offering at this time was
considered hlgh'y significant for a two
fold reason. First, that It indicated
a much improved bond market situa
tion, which, however, was clenrly re
flected In the rapid absorption of the
Helglan loau and tho American Agri
cultural Issue. Secondly, It was ac
cepted as foreshadowing tho initiative
on the part of the railroads of tho
country for consldorablo new financing.
It Is understood that negotiations
arc already well progressed for the
financing of several of the large western
systems. It Is appreciated, because of
tho rundown condition of the roads
and the delay of tho government in
making setfement with the different
systems, virtually all the roads will
have some form of bonds to sell.
Tho remarkable side of the Invest
ment situation In tho phenomenal nb
Sorption capacity. Many observers
long ago were of the opinion that the
Maturation point was rapidly approach
ing, but since then numerous issues
were successfully llontcd and the de
mand for tho high grade goods with
nttraetlve Income basis Is as keen ns
ever.
najincr Year for Chain Stores
An interesting compilation of tho
business of the big chnln stores last year
has been made by one of tho promi
nent New York commission bouses.
This shows, despite the big slump of
business In December, sn'es for the
previous months of 1020 were In suf
ficient volume to make the year-n ban
ner one so far as sales were concerned
for these corporations aud mall order
houses.
Sears Roebuck was the only note
worthy exception reporting total value
of salcH for 1020 as 5234,005,050.
against $257,300,025 in 1010. On
the other hand, Montgomery-Ward
Co. reported sales of S112,3H0.025,
against $100,514,807; Woolworth &
Co., $140,010,207. ngaihst $110,501,
000: United Cigar Stores, $80,040,000.
ngAlnst $04,000,000; S. 8. Kresge.
$ni.245..'tll. acnlnnt S12.0lLS.0ni: .T.
C. Penny $42,840,000, against $28,
783.000; S. II. Krcs Co., $28,072.0-12
acainn ?T).'4i,ia ; Jones Ilros. Tea
uo., u,oj,ati, against ?l(!,&o;i.HU5;
McCrory 8tores, 14,301),327, against
$12,081,741; American Stores. $10.1,
057,574, against $70,401,S30 . and
American Wholesale Corporation, $38,
252,310, against $35,345,712.
Must Cut Down the Margin
One of the prominent New York com
mission houses, In n special market
letter commenting upon the railroad sit
uation, remarks that considerable space
Is devoted to the falling off in railroad
traffic and to the reduction in working
forces. More nttentlon might well be
Riven to the possible reductions In the
operating rutins and to the probability
that the railroads will be able boon to
show a substantially Improved margin
between grost revenues and operating
expenses. The country generally hns
been "fed up" on very large dollar
totals representing the gross volume of
business done by the rarrlers, forget
ting largely that these figures are not
fundamentally n measure of railroad
prosperity. It matters not how largo
the volume of business may be If that
business is done on an operating ex
pense bosls of from 80 per cent to 00
per cent.
e consider it of at much Importance
that account In two years up to $025,
201, During the year the corporation
purcnnseii ac
$801,132,034 i
making n total
1, 780,043.051,
$854,080,121 fo
nurcnaseii acceptances aggregating
$801,132,034 and sold $8811,811 ,50(1,
making n total volume of business of
I
ns compared
for tno year HUH.
THIS TRADER,
with
TRADE OUTLOOK IMPROVES
More Orders Coming in to Manufac
turers for 8hort-Tlme Delivery
There 1 an optimistic tone In many
lines of business, according to the
weekly review of trade for tho Philadel
phia, district by R O D-un & Co. Moro
inuulrlca aro coming in aud orders are
being placed by retailers for short time
deliveries.
Clonk nnd suit manufacturers report
rrotlvlng a number of orders for Imme
diate delivery together with some future
business. Many of tho Inrwer plants
are working on full time and tho general
trado consulted In this lino speak en
couragingly of tho prospects for future
business. Whllo the Orders received at
present are union, appearances Indicate
a moro steady market.
Manufacturers of dresses report that
many of tho plantn resumed bualnerfl on
full time and are receiving orders enough
to justify continuance of nteody opera
tions. The rovlow, continuing, goes on to
sny:
"Wholesalers and JobborB of cottons
and woolens report sales havo picked up
within tho last week or ten days, while
prospects for tho future appear encour
aging Collections In thn line aro slow.
"Manuffluturors of shirtwaists state
the trado continues quiet, although there
Is a demand for tno better giude of
merchandise. Homo of 'ho plants have
sufficient orders to Justify the oporntlon
of their plants on half or part time to
take care of lmmndlato orders. Col
lections In this lino aro alow.
"The Iron and steel market continues
tiulet as regards new business. Soine
Increased activity, however, Is noted In
foundry Iron nnd In tin pint. Pipe Is
also reported moving fairly freely nnd
automobile manufacturers aro return
ing' to tho market In ft moderate way.
"Wire products are In fair demand
and structural steel moro active on
small tonnage. It Is anticipated that tho
opening spring season will cause a re
vival of trade, but at present the situa
tion Is generally a watting one.
"The hardware line shows little chong-o
In general business conditions There
appears to bo a fair .amount of activity
and purc:inHes are in moderate quanti
ties An early Incrcnso In the volume
of business Is anticipated. There Is
little change In prices and collections re
main good,
"Tho electrical trade notes a good
volume of huslmss In housenold special
ties, wheroln a brisk demand Is reported
on labor-saving devices, both Jobbers and
retailers being well employed, Some
activity Is nlso noted In connection with
bulldlnc operation work. It Is antici
pated that tho spring season will bring
considerable business In this line, al
though nt present a waiting spirit ap
pears evident. Prices aro steady and
collections fair.
"The stove trade report n fair volume
of business. In stnplc goods with consid
erable activity In supplemental heating
apparatus. Foundries are operating at
about 80 per cent capacity and Jobbers
and retailers nro fairly busy. Prices
are reorted firm and collections show
an Improvement.
"The leather market continues dull.
Sales aro In such small amounts as not
to affect the lanro stock on hand and
prices offered necessitate a sacrifice
"Thero Is shown a slightly better de
mand for glazed kid, but not suff'clent to
affect tho market. Shoe manufacturers
are working on novelties, having moder
ate sized orders for Raster delivery.
Staple shoes for spring trade are being
purchased, but In small amounts. Thero'
appears a growing scarcity of men's
shoes and prices are firm,
"Millinery dealers aro preparing for
the spring soason and report good-sized
orders.
"The local lumber market Is reported
quiet, there being no demand of mo
nvnt. It Is reported that considerable
Inquiries aro being received. There Is
no change In the price of lumbar and
TOino of tho manufacturers report their
mil's are still Inactlvo.
"Tho local coal market reports no
change of moment In tho bituminous
fields. The lack of industrial aotlvlty Is
retarding coal In this dlroctlon, but thero
Is a fair demand otncrwlao.
"The anthrnclto market Is fairly ac
tive, with an Increase In demand, owing
to the weather conditions lately. Prices
aro about the same
"Tho general condition In the build
ing trado shows very little Improvement
and, whllo materials In some lines are
getting lower others are still holding to
the old high futures. The segregate vol
iVctt; York Bonds
Am T ft T B
3 am
a .... si'4
1 81V,
Am T L T 0
1.. .. OSVj
1... . !MV,
2 0.1 ',4
0 DSU
Armour AM
3 80".
Atch Topeka A
if a Fa ft J
11 T2
7 70
6 70
Alch Toreka A
S'a F 4a
2 7h
3 78
1 70
1 78W
A C Line 4 4"
S .... 78
n.lt L Ohio cr
tflAI,i:i IN 11000
Erie niy Co it
1 S
.. . M'4
1 64
One' I Klo
1. .. J01U
1.... 10U.
1.... 101 U
Gov't P It rcli
1.
I.
1-.
s .
13 .
!H
00 u
(10
, ... eo
.... enn
II t Ohio am
S S3S
1... . 93S
nun a Ohio 4i
1 BStt
14 . . n',
1 081
IUU t Ohln
2 70i
a .... 7o;
1 70
IUU It Ohio 01
3 Rl
7 00i
S DOS
3. ... OOfc
DtOTIiD
A W Va An
1 (1C.V4
nto arm as
1 .... 7S'S
1 78'4
II c O Tot 4
14 .... SSH
3 BVt
l tr.y.
ncll T 7 rets
1 ... 102V4
3 ... 102
3. . 102',
2 ... 102'i
1. .. 102
Ilrkyn X T :.
2 28
myn Union R
lt ta
1 04 "j
Canndlnn N n
niya rets
1 ... 101
10 ... 101
1 ... 101
1 ... 101
1.... 10fl.
Canada S'n S
1 esw
Ct'l of Oa If
2 0B
Ctt Pacific W
3 .... 73M
1 734
Th'k & O 4H
s. ... 7n
1 .... 70H
C A O cv IS"
00
Pfl
no
on
p't
uu
on
fi!t
l
l.
l.
4.
1
1.
1.
2.
O Rwlts'd ri'a
1 ... 103'i
2.... 102i
1.... 102S
(Id Trunk rets
2.... 101
3.... 102
3.... 101K
O A 3hlr t 7a
s cm;
Ifii'l A Ma-, '
3 .... 27H
10 27S
ft 27H
n 27V
10 27"4
li Centra
10... . 70i
;HICen'l4s '81
1 71
111 Cen'l 4a '92
1 73
Intboro M 4 V,
10 18
3 18
a is
4 IS
Ibtboro II T fd
2 .... 31
8 31
2 31
2 00V,
1 SI
I SI Marin
1 RHl
1.. .. 82
1 St',4
lown, Cent'l 4f
42
Jup Oovo't lt
2 80
i sou
Inn Ooy't 2n-l
2 .... P0
12 .... 80
Jap OovVt la
Orrr A Csl 3a
2 DO
Ornron H in
s S0V,
fl SOU
3 . .. 0'4
Ort-W'n Co
Navl Co 4
1 73
I'jc O A i: 3a
1 77't
Pa II II 4 '4i
B 00
ra nil en 4.,a
l m
4 WV,
1 01
Ph H sir
B
1
S
1
1. ...
B
re-ina It
1
2
r-rmn It I'
80
80
80
80 V.
SO H
81
' 1l
80W
80
80
1.
1..
3..
3..
B..
2..
4..
B..
4..
B. .
23..
B..
4.
4 .
1.
103
104
104
104
104
101
104
104
104
104
10-1
104
101
101
101
8 ...
3
2.'.'.!
10....
11 ...
0 ...
23 ...
10
1
4....
Kan C Ft 3 A
Memp 4i
B 03
Kan C A H
1 sou
Kan Ct Mi
1 33
Kan C A V
1 74
1 74
fll
01
01 J
02
02
01
01
02
01 S
01
01
Peoplea (Jan V
A C Co H
a oo
Phil Count -i
4 01
Pitt Cln Ctii A
fit t. A Be
4 SIS
2 84 S
8... . 84
2.. . 84
n-a'llnr n t
2.. .. 81
1 81
Klo Ornml U
Wn elt 4
4 .... Sl
(I I A d t. 4
2... . 08
St l I'n Mt ft
S'n niy 4
3
B
Ht I. A
1
8
1. ...
La8
3.
2.
3.
81 t, A 3 I'ran
f4vrte A
01
03 VI
03
48
41
48
3 .... 01
a oi
4.... 01
0 HIS
1 .... 01
2 01
B.. .. 01
K Dela-'m 7s pi I. A 9 Pran
3 00' flerlei P.
to watch the proportion of operating ex- j ume of new business for he last week
penses to grops revenues us to empha- amounted to J276.810. while the corre
slzo declines In gross revenues as com- snomllng week of 1020 showed $1,678.-
narcd with Inst year's results. We are I 11?- . , , .... ,.
nt h nnlnlnn Hit l,o rnllron.l. n-lll The local conditions are not favor-
.it i fT i 1 i ra.llroa',s w.1 ' able to the starting of activities In this
Ultimately Win through tO a niUCll , linn (no! nmt- uil tho hrteV mnnnfnp.
sounder position with the present freight
rates as the basis of earnings.
Declared Exports From Fnwce
The value of the exports invoiced at
American consulates and agencies In
France to continental United States
during lfUiO amounted to $401,12ri,023,
against l(l,ntl7.:iOS In 1010. Exports
to the Philippine IslandH were valued
nt $3,3(l2.17.r. ugalnst $1.4-10,0(13; to
Porto Klco. $507,311. against $127,
1)71: to Hawaii, $10.r.7!)0, against
$r01 ; to the Virgin Islands , $t)784,
against $100; to the Panama Canal,
$ll".ri, against nothing in 1010; mak
ing n grand total from France to the
United States and possessions of $407,
2CU.84S during 1020. ngalnst $1US,
140.032 ... -CIO, an Inerense of $200,
112,810. There were notable Increases
In all the principal commodities from
Paris except cattle hides, cigarette
paper, horiehidcs, precious stones, saf
fron and seeds, which show decreases.
The total shipments of gold from Paris
district to United State during 1020
amounted to $81,071,417, against noth
ing in 1010.
Growing Popularity of Acccpfanco
The second annual report of the Dis
count Corporation of New York fur
nishes illuminating evidence of the rapid
growth In which "acceptances" have
grown in favor ns investments. The
net profits of the corporation Inst year
were $."(00,070, after mnklng full pro
visions for stato and federal Income
taxes ond dividends; $300,070 was
added to the undivided protlts, bringing
turers at a meetlns: held recently acreed
that there could be no reduction In the
cost of bricks at this time."
LONDON STOCK MARKET
-In-
Oils Improve Home Ralls Sag
dustrlals Fall to Rally
Ixindon, Jan. 28 Addresses hy Influ
ential bankers and the half-yearly meet
ings nr stockholders failed to help sc
curtles on the stock exchange today.
Tho markets generally were dull, and
the customary week-end absenteeism
was In evidence. Korcrd selling caused
weakness In spots In the gilt-edged sec
tlons. Foreign loans also were In
cllned to droop.
The oils showed an Improvement.
Shell Transport was 5 and Mexican
Knglo 8 3-IS, Rubbers also were hotter,
hut Industrials did not rally. Hudson's
Uay wns 6.
In the face of dividend announce
ments, home rails sagged Dollar de
scriptions nlso were tlabby and South
American rails lacked buoyancy. Kairirs
were slow.
B 7T 4 87 3 74
1 70 1 .... 00 r. Bt L A 3 Fran
Ck A Ohio M K Pels ct 8a Serba C
1 01 1 63 1 .. . 80
Ck A O rv St K ntlrm wl 8a flt L HoWn Bi
10 82 3.... 100 1 .... 03
B 82 2.... 100 1 03
C A Alton 3'. 1-... 10O i .... 05
1 30 18.... 100iBt P & Sioux
Chi n A Q Km B ... 100i ctty 7
1.. .. 80 1. .. 100' .,. ... BR
Cll A Q 11 S'A 12 ... 100 I 1 08
1 .... 72 1.... 100 3 .... HB
Chi 11 A C) 4 12. .. 100 Senb'd A I. nj
R 07l 1.... 100l 2 ... 30
2 07 0.... 100 3 . . 38
1. ... 07 1. .. 100 (Heab'd A t. fd
23 07 3.... 100 B .... 41
A O V In 4.... 100 ' Air U ata 4a
1 B3 1.... 100 1 33
1 S3 0.... 100 Bo'n Paclfl- fd
B .... B3 ' 2 . . 100; 1 .... 77
ChlcaKo Mil A 10.. . 100i t 77
8t l" I 4a 8.... 100 fio'n Pacific 4a
1 00 Kingdom Ien-I 2. , . 71
Chlctico Mil A mark et 8a ,B'n Pac c
BP 4a '23 1 i)0! 1 ... 78
10 .. . 7B 2 0JV, io .... 78
Chlcuco Mil A 1 ott 3 78
fMP cv tu 3 PO'iSo'nPactn Ba
1 70 B.. .. ni! 1 00
1.. .. 70 0 DOS S'n Rulhv u
1 .... 70 Kliwdnm 2 00
1. 70 way ct ,' l ... em,
Chi Itallw - 1.... 100 I 1 00
I . . flll 2.. . 100 23 . . SO
5 01 1 100 S'n lUllw'e B
B 01 1 . . 100 1... . 80
Chicieo n I. d 1.... 100 Bparta 4a
A Pac fd 2 100 3 .. 78
0 ... 09ilark Ute. Union Tar
1.. .. 08 1 0 1. ... 82
3 . flv ,I.il He Sin 1 . . . . (-3
1 08 M 4 "31 If ...h !
Chlcaa-o It It -li T !' B,... 100
' Par 4 1 84 f K. nf
PENNA
INCOME TAX
WAS DM J
One-ninth of Whole Amount
Recoived in 1918
BIG EXCESS PROFITS SUM
P. R. R. BONDS GO ON SALE
New Issue of $60,000,000 to Net
Inveotor C.D8 Per Cent
Kuhn, Isoch & Co , of New York, an
nounced yesterday that tney had pur
chased nnd would offer for subscription
today '10.ono.Qoo llfteen year 6 per
eent gold bunds of the I' nnsylvanla
Residents of This Stato Paid Ha,lr0!l(1 rn- Tl"' offering price is to
i sr.i'i aii'i a'-eriien n.i.-resT, ill wnicn
I'.guro the yield will be 6 68 per cent.
I)for- noon tod.iv thr announcement
win mudi that the lists had been
operd nnd wi re rlosod. IndlcutlnK an
om rsuhscrliiti'in nt the lMUe
AHoelntei with Kuhn, I .neb A Co, Is
a syndicate composed of (he Natlonat
City Co.. the riuainnty Co. Dillon, Iteail
& Co, Hnrr'" Korhi t ft C-j Kidder,
Peabody & Co, l.ic, Hlgglnson & Co.,
Illalr & Co. nml Cnssntt ft Co,, of New
York, th" I nlon Trust Co of Pitts
burgh, and the r-ontliientiil and Com
mercial Trust and Havings Dunk of
''h lea go.
The bond.'l ar s'Ture.l nbllgntlons by
JfiO 000.000 of geiifrnl mortgage 6 per
i-etit gtdd iKinils, of tho Pi nnsylvanla
Ilallroad and $C,n(0,ooo general mort
gage 6 per ient gold bonds of the Phila
delphia. Baltimore and Washington
llallroad Co
This in Hie first big offer'ng of rail
road bondH in the present mnrkct. The
proceeds of the isiiji- It was said yester
diy would l.e ii(d to prolde funds
for taking rare of T'ennsvlvnnla Co.
maturities during tne present year
Tho offcrlrg Is s'mllar In many ro
slu'fts to that whlen the same bankors
brought nut lam spr'ng. Just after the
roads had pissed bn.k Into prlvnto con
trol The previous issue wns it $60.-
ono 000, of ttn-ear maturity nnd tho
Washington, Jan. 2. Dr-tnilcil fig
ures on personal returns from Income
for 101R nnd war and cxcimr profits
taxes collected for the same year, made
public mby the bureau of Internal reve
nue, show that out of a total of SI,
127.72! .WW In personal taxes IVnnsyl
vunlans paid ?1.'I7,71..'170, and of the
total wnr nnd excess profits tnx of .?2.
.ri0,'5.ri(l5.1)30 I'etiiisilvanin roriiotutlnns
contributed .$.1011.020.821.
One resident of I'entisylviinln out of
the 51 R, 720 who mnde Income return
pnid on tlio basis of an itirome of
S2.000.000 to iV! 000.000, two on
81 .."00,000 to .$2,000,000; five. ,1,000,
000 to $1 .nOO.OOO, and e'even on in
comes ranging up to .$1,000,000. The
nn..in1 na... .... ........I f..... tft ..,
..-y. .mil iiijv.i ii-iuiiu iniiii i'1'iiiic.vi- iino quo, or ttn-enr maturity n
vonla amounted to f1.701.2."iO. theitate waa 7 per cent. Those bonds also
surtaxes $r!0,OS0,12O. were secured by collateral of tho samo
The number of IVnnsylvnnians who description nnd In the same ratio ns tho
made returns for 11)18, in addltioti to rrr.e,lt bon,',.H .... ,
i,... .i i '.'.' ' "'I""-"'" u The syndicate letter announc ncr tho
"T """"iivii noove, nre as I0lllW4. r,tf,.rna wns snnt mil Inal nloht ,...,1 h
subscription books w'l. b opened this
rnornlnc Bond men jsierday were of
the opinion that the bonds would bo
oversubscribed within a very brief time,
nnd It win said that orders nnd been
taken by dealers for amounts which ait-
i rs ! rfrejrato more than the total
OH 7K It Is expected that this flotation will
1 nil brlnu out others, and the predict on was
in li- made yisteday tha' se -ral roads, not-
'Ji !.', ably the Chtcaito. Hurl'tiuton nnd
I (,-( Qulney, would announce financial pro-
S.v'.'i Rromi.
2.310
l.'.i'i i .
l r.:is
No of ri-turna
.'iS.TIil
141. Ci2
'.3 1132
IJ'.'rt-.
nontaxnhle Incomes being ilcsiRnntcd by
s star :
' Incomi r.ssa"
tl.iJO') u 12.000. ..
l.fHlO ti, 2,000 . .
2.IHIO to 3.1100 . .
.' Of ai tr S.nno. .
3 00O to 4. 000
.1 000 to t 00(1. . .
4 imo tu r,,isp( .
4.000 to r. nun . ,
r..noii to o uoo
0 (i0 tu 7.O0I). . ,
7 nun tu h iino . .,
8 000 to ll.OlM . .
ii.omi tn lo.ono . .
10 OO'I to 11.0(10. .
11.000 to 12 UOO. .
K'.liOU to 13,0K0 ..
13 Oou ti, 14,000...
14 000 :o 15 000
13 000 10 20 UOO .
20.1(00 to 2", 000...
23.00(1 to ao.ooo, .
jo.doa to 40 oo';. . .
40 000 to Bo onn...
Ml, 000 to (10 000. ,.
II0.IKO to 70,000 . .
70.000 to So.OOo
so 000 to tio.noo. .
fifl.000 to 100 000...
100,000 to lsn.uQO .
1.10,000 tu 200.000 .
200.000 to 230 000. .
230.(100 to 300 0OO . .
300,000 to 4IIO 000. .
400.00) t .'.oo.Oon. .
SOO.U'M) to 750.000. . .
1.23(1
1 uoo
FINANCIAL
2 Hill
1 '12S
l."S3
1
tiik (iiuaiik rinr. vm mahink
IN-fltANCK COMPANY
NOTICB TO HT(ICKIIOI,I)i:nfl
Tou are her-by ronfled thnt pu auant t
tlio rcaalutlnna n1n:t.-(l by the stockholders
R-ld the Itoar.l of Dtrecto-s there wilt b
Ji'ij I laucd on February 10. 3 '-21 nve thouaand
443 aisres r.i me cuiniai nt'ieK or nin company
ui ne car vaiu" 01 nn, nunareii niinara
foch at the prtre of On hundred and ftfty
fh'e dullara per nhnre and that on Monday.
January 10, 1021 tren- will he milled to
ill atockholrtera -if record at the cloaa of
hua'.nras tela lay aanlmab's auhaerlptlnn
204
21 H
14f
i:3
8 12
121
warratita prnntlnff tn tii-h lni-li(iilflra n- tn
.- 1 their aajlrna th. rlitht tu subucrltxi for aald
;,A to-! in proportion to th.-lr reapeetlve hold
JJ Inca nt aald price of ttr.3 00 per at.are, aueh
Si, uber ptlonj ti t piynhle at th otllro of
AccordlnK to the fieurrs on excess J" ,,.. 'Jl'''' frynJ0lh1.,.2,inll!.nC.Vh.S5
,--.. w . u n r I'liiiaii 'ipnia runila, and tnnt tn eaae any
nronts taxes the five sreat miinufactur- , jto-khoMer fail to ruhncrlre for the atoclc
ItlR States of I'ennsvlvinla, New Ynk tn wh eti he r ehe 1 be entitled or fall to
Mnuknchnunttu fihli. nml Il'l.w.lu n.,l I aaalcn hi; - her rtcht to aubacrlbe. to sny
MassncnuseitK, unio ami II iliols pnid , ,on who rhall ercla aald rleht. auch
more than one-hnlf, to the total of Si! - ' utirk to which auch a'ockholder or hla or her
50."i TiOJi 0.10 wnr nnd excetis niYitlifs aa'laa were ertttled w'll be aold nt Puhllo
... . 1 ??i 'LPSM . p ; , 1 Au.'.on on Wednrailay. Pebruarr 16th. lfI.
taxes recehed, while the ncrieiiltunil t isreive o'elork nonn tn the Public 8l--
States contributed little In this form of I room. Philadelphia Hours-;, at n price- of not
-.,,..,, n , ''" 'han (jno hundred and flfij-flva dollars
' "' 1 tier snare.
DAVIS Ci.
PhlladelpMs
VAT-'ailAtf.
8eC.try.
P.i January s lt21.
Of the total, the five states mentioned
paid $1,000,740.01.1 In wnr and excess
nrofits taxes, ns follows: Pennsylvania
$.109.020.821 : New York, $0.1.-,.ri47.510;
Massachusetts. $2211 -W?,"(i ; Ohio.
WlO.sr.O.ri.-ill and Illinois. .$21.".S10..
,, ,t i 1 i .1 , ., .tl vv-' " wj u"- ...wi iKn . ..niru i-curunr;
-111. .iiiciiiKiin. me mil inner cwiiu iuou. at a price r.ot ureedine 101 nnd Jn
whose excrss prohts tax co'lectiotis "" ' "je amoiintor tre annua, atnklinr
amounted to more t'.an S100.000.000. i.u.?.!:...!?'?2' .Hi',11 " m' " Tliur.day.
A. II. POX JiLN CDMI'ANY
Proposu's "vll, lie leeclved hy the under
lur.eil for the urrna-r of outa'andlnt
lords ct tie A. II Pox Onn romnany. ay
cur.-il by Truat Murteav dsted Peliruary L
r'iipuiirv in in?i
pnid to the government in tins form ofjTHK land Tiii.n & trust c-o.mpant.
revenue .$118,.'2,ai0.
Some idea of the amounts received in
excess profits from the purely agricul
tural states can be snined from the fol
lowing figures on col'ri'tiniis from thtue
states: Kansas. $12 002.4(10: Iowa.
ISU.:i40,8ti!l; (ieorgia. $2:1,010,078.
BETHLEHEM EARNINGS LOW
Net Income Available for Dividends
Was $14,458,835
The nrellmlnnrv repot t of the Beth-
J lehem Steel Corporation for the last
j year shows press sales amounting to
tzii.si ;.i. ine ktohh snies in tne
precvdlnK year were $281,641,907 Total
P. W. Cor. Uroai and Chertnut Sta ,
I'nna ra irnst ln-Tiirliiuiit.
1 MeHIni".
net eirrilncu nf 117 131 SM In llifl nl. Panr. The ll'f sn.-iinl mi tlnir of the Nto
L. ITiI,m- J,i ",hl ti- 41 it v i1'1! old-r of tht Munuf.ictiirer' Plre In.iirn
most coincide with the 11..441.21S re- (omp,ny m j. helfl ,,, ,,, , rnp cltlet.
10 ... 72 ' 1. . .. H41. I'd 102'
rini. Cop'r C.si' i Mv. ! 1. . . 0ft
S . 724 4.... 108 3 Pfl
10 . 73U 1 108 , 2 00
73H Minhat li'.t 4a 2 .... 00'i
3 36 V K of C. ilrlt
3 ... SS i I'd 102
Stan K Pta 4
1 37 S
"i s . r
6 77S
Mn KtTt
4.. .. SOU
12 . . 30
Mo Pacific 4'
Phlllpplno
I'hllliplne -Is,
GOVERNMENT BONDS
Hid
4a.
1034
108.1.
If H lov cou 2a, 1030
V B Oov re 2a, 11130
U H Oov rir 3 "in
U S Oov coup 4a. 1023
SI
filH
O'.i
t'O
li -
102
Ask
I'd
00",
oo v
"1 ".
103
Tradlno Quiet on Paris Bourse
Parla, Jan. 28. Trading was quiet on
the II on ise today. Three per cent rentes
6lfr 26c; exchang-o on Ixindon. 5Cfr
0c; 6 ikt cent loan. 85fr '.'Oo. Tlio dol
lar was quoted nt Hfr Ifi'-jo.
fJTTMAATTQMQ Inner Lights on Lives and Whims
IT. U rJLjt 1 J. 0 1U O of Personages in the Public Eye
By WILLIAM ATIIERTON DU l'l'V
To the boy of sixteen n man of forty
Is old, says Chattncey Depew, but there
is a reverse sido of tho shield. A year
Or two ago when Hichard Choatc died,
an old lady friend of Mr. Depcw's was
commenting on the pnssing of the
famous diplomat. .She had reached the
life of ninety-five. Choate wns such u
young man, she said. lie was only
ilghty -two.
Mr. Depew tells the story of a visit
to I'arin some years ago during which
visit that city was celebrating the 100th
anniversary of a well-loved scientist
mist, chairman of the Tariff Commis
sion, been me what he is by Occident.
When u young man he went abroad to
study. He was interested in literature
and art. He spent some time In Kng
innd. where he made a study of the
passing of serfdom. Then he presented
himself at the university of his choos
ing. lie was sent for examination to tin
man in whose department he was to
work. He made n mistake and got into
tho examination rooms of the professor
in nn i iii-m i-i'iiuomy. lie tooK the ex-
111, . , .. , s " '-..... -. v.....,,,,,. , l,7 l
7l'" '"".""VJi" ,u "int ;u1 ""Yft ?""" It consisted of writing a
the p-ople happier
zentlcit.au, despite his years, partict
tinted In all the entertainments of the
Jay and was still chipper when Mr.
Depew sot opposite hltu nt a dinner lato
ut night.
Tho American asked the Frenchman
for the thing to which he nttribufed
treatise on tlio passing of serfdom in
Iinglnuil. The young American passed
with tho highest murk obtainable. Why
(houliln't he? He hud Just completed
an enthusiastic study of tho very
subject.
Having thus got such n fnvorivhle
l- 1UKIU1IICU . . . . .. ...-. . --........
his longevity. The latter snld that he" "i c ,0''tleiU wouoiny class he
had never smoked a cignr. thnt he had ."'"J'0'1 V'T' . l'nmc h,.ck to AJner'
never taken n drink of intoxicating ,cn nl Ims been teaching political
iqtior. that he had never worried about "i-i"'-. '" coIIckcs all about the conn
anything. trJ' cvcr ce.
Ir. Depew commented on the evident He says, however, that he still re-
nornl of the story. Ho said be often members well n favorite statement of
told It before prohibition audienres nnd political economical Importance which
topped right there, Hut when he was old Prof. Uacon used to make it Yale
uddrcfcHlng'nonpmhlbltlon audiences he .and wonders If It was fundamentally
told ij second story of Paris. correct. Prof. Uacon held that the ills-
lhl.s story was of a veteran of the rnverv nf Ainertn n, ti,,. t.i.. ..
Najioleouie wars When Mr. Depew . wciitti that followed was due to the
knew him he was 10.1 years old and was
earning his living ns a messenger boy.
He was reputed to have failed to go to
bed sober n single night since Napoleon
surrendered at Waterloo.
Dr. Thomas Walker Tage, econo-f-
stimulated desire of the Kuropcan
palate nf thut time for pepper. Food
was so poor in those days thnt It called
for strong seasoning. Columbus was
rtvlly a pepper hunter. Ho wanted to
find a short cut to tho Far Kast from
which that product came.
ChlTlie a-t
1 .... 42
1 . . 421.
City lierne
1 . . r'3.
City llnrd'x 0
1.. 03,
Cty Gnrla'n R
2 .. 07
I .. . oo;
City Mara' a fl 3
0 M 3.
City Parla fl
3 . PH 8..
l res n..
2. ... 1)3H 3..
1... . 00H
Cl'd Cln Chi A 1..
N li Wl H 1
10.. .. 71 1
Cl'd Cln Chi
Bt Loula 0s
2 HO
Col O A E lt
1 f.3
Cona'd Oaa 7
1.... 100
2.... lOOS
Cuban C 8
4, ... Mi,
Del & Hud fi
2 SO
Den & II O M
2 41i,lS T C
1 451- 1
IU H U M ct
C 43
Den it fl i
2 . ... 03 ,
4
0 04
Utt u 111 ,i
3 00
Do Can 3a '21
23 . .. 00"j
t) I'm 34 'Ji
3 .. S0H
Do Canada "0
1 P2l
1 .... Ii2.
Pululli t i n
Itnncn 3a
I... . S7S
I'U'i I.leht ns l,
1 ... 0OS
2 . . 004
10 . not
00
Duluth S M
Atlantic 0
.1 . . OR 1
Haat'n T Va A 2.
Ceurala en 2
1 W'j 12,
Hrle Jtnl '.ler' j.
0-. .. 42H 8..
Urla It It e . I to.
1 IIS
2 .... 3K
Ilrle II 11 cv I)
2. ... 43
.33
34
34 '4
34
S3
.13
33
r34
.131,
33 4
113 '1
2 .... fi.l'i
K of O Ilrlt
& I'd lOSli
I.... !"
4 SO
2 fs's
1 e8,
U IC of CI I.r 1
A I'd 1037
Mont' a Pwr .If
1 1.7V,
New O Tex I
Mexico Qa
1... , 04
N Y Cent'l if
10 ,. 70',
V Ctl en 4-1
3 . . 724
S- r Ctl 4', el'
1-. . 70S
N Y Cent'l Bel"
1 . .01
t . . 004
1.
S.
CI 8
3.
3.
0.
.1
10
1.
3
Mexir
104
HO 4
40T
41
41
41V
IIS
414
41 v.
Ut'd R'ds Snn
'ran eqn "
4 . . 32
ft d P.M s in
V unct 4a
4 .... 814
1 . 32 V,
h rt . 1 r.e
1 . . . 3 S
8 nubh'- S
a reial
1024'
1 1021411
Srur Ynrls ft
!. .4 3 4a
2 024
N Y Tele i,r
1 .. 7TS
2 . 77H
1 77 jVn C Chem lis
2 ... 7T. I 3 . . 03
3 77V V.i rtalln's
S Y Te.e'a il J . , S5
1 IM4 Weat n Md 4-
eiv Y W r ,4 2. . . . f.3
"t Hv 1 0 . 34 4
1..
1..
2 .
1
d I
20 .
0 .
1 .
1.
1 .
2
78
77S
Stei-'
.. 04
.. 04
. fi4.
.. 04 4
.. 04 4
04 4
2... 41'
N'W & w I
3. . 104
V 11 Pl.-'fl I
I7SI
-7".
Nth VVn lii I!
Tell 4 4
I ... ".'
Nth Wo n lie'"
Tel 7a
Oil 4
V I'nion 4 4
1 . . SI 4
3. . SI) 4,
V li K Slfr -1
tM, 1
f'lS 3 .
fill 4 W t
CO 4 1 .
. O'H
. 0S4,
. o.s
. Osl,
. ris,
. fs,
. PsS
. ps 4
0S4
. fsi,
H 4 4
33
HO', on C.i
Pil'l1 0 ... S04
Ii0'4 W lion Co ie
Pin,
004,
Hlgb l.ir
0J l'J lj HO
s7.-io sr id
N7.10 S7 10
S7.no s r.u
s7 :to S7 jo
Liberty 3d 4Vd . OO.L'ft fHi 10
Liberty -Jth ,, . S7.70 s ."o
Victory Note Mi'.s 07..'ltt 07 .11
Victory Note 4V,h 07 110 07 .14
Liberty .IV.s ..
Liberty 1st la . .
Liberty 2d 4s . .
Lili.nty 1st 4V,i.
Liberty 2d 4Wi
po
, f.0 4
1 1 .1 3
02 00
S7 10
S7 10
s7 kO
N7.21
lK).2s
87 OS
07 :l(l
07.. Ill
Oniollne and Kerosene Reducod
Ner York, Jim 2S Gasoline Ii.k.
been reducial 3 cents a gallon In Tt.n
anil a similar cut hns been made In
kerosene. Oitsollno Is now qtmted in
Dallas at 23 cents wholesale. Undue
tlona of 2 cents In gasoline and 3 cmts
In keroseno havo been made In Jlocky
Mountain territory Tho Denver price
wns reduced Irom 32 to 28 cents whole
uale. ,
pcrled In 1310. After all chanre.s and
allowance to cover federal taxes th
net Income available for dividends wns
Jl 4.458.835. or h equivalent, after pre
ferred dividends, of $18.33 a (.hare on
the A nnd B common stock This net
Income repreBcnts a pmfl of 6.27 per
cent on the total volume o' bUHlne.su
In tho previous repor the earnings ap
plicable to dividends amounted to I". G -336,860
or 113 SO a share after allowing
for the preferred disbursement
The following table shows the chief
Items of income account for the last
two years
Oroaa aalra 1271 431 21R I2S 041 007
Ilxreni-a, tixei etc -lis 4(IS Kil.1 JH1.4H4 130
Net mfc. pn.Ot . H3 Iul2 371 13 117 74 1
Other inrnmi- . 1 3S't,lh2 J2'(3 4,i'
Toliil net enrninss .17. 1"! v.i 37 04' "
inierea ana niei-uurt n 1131 -111
S.40U 330
HZJ rtl.MI'ANl
NOTICB
Plttahurch r.i Janusr 2fl 1021
The Ar-nual Meeiine of Hteekho'dera of
the Continental Imnroierre-nt C imrany will
be held at the office f the 1 'm i.mj Room
P10 Pennsylvania biatlon, Pittsburgh Penn.
slvnnla. nn
Il'l'nv-'SUIV pr-ir" . nv 11 -eo,
fit 10 o'clock a. tn., for tho election of laven
Ii.reite- ,u r, f 1(j
rrrtll their auecesairs are elected, nnd tha
tranaartlon i;f aurh ott-er liua'neas na may
properly be preacmej u (he meiini
S. It. curncir
- Serretary.
to Tin: stockiioi urns of tiie
" .lliiniifnrturrrs' Fire Inanranre Cora-
inn ii-i" sn.'iiui m. tmir of the siock-
nce
t A
ma coTipnnv iii wtunui erreer, pniladal
pi la on Monlu). .Iiinuary 31, l0!l. at t
p -n 10 Meet fnur niri inra to aerve for
a period of 'tire- yenra. four Plrcctora to
Rerie for a perl d of te-o years and three Dl
r co- to afrve for one year nnd to tranaact
auch ether buslm us mitt'-r ne may properly
c mo before thi s-n.-i.ho'der
J K AM. EN Secretary
repp to thi: sToriinoi.KKns of Tnn
-' .IHniif irtiirfra' Cuunltr Insnrano
Company Th- urnjAl m-e'ini: cf the uock
t oiders of r. vinnuf ictnrers t'namlty In
nimnce Con-pan wl'' be hM si the horns
ffices of the cimi.an 0.1 WUnut stre,.t
rhllid!ph!n 01 fonilnj. .Innunry 31, 1M1,
at 2 p m to tlnct 0" Dlree.ora to aarva
fur 11 period of three .n .nn Director to
er- I ,r tirj imr ,md to trinaact auch
ofier bulneca ma". r as may properly
lume ui'ium nip bi'ichi piuerii
J K
ALf.EN Seeratarr.
H.31S 200 ' ffSSaWAItWItK IHOX A .sTEKI. rO.MFANT
IlAlancn es.idi, Hn 97 n'l.s .tl -i 1 - Th Artuiil Meetlnir r-r h Hiiwi..
Depreclntlen is cV- hilders of the M'uriilili Iren i Steel (oinumy
pletlon 11011.113 12 m) 132 'will b hald n the Tr! nd''phla Office of tha
Net Income . 14 ISfc ..!.', 15 l.'.f. Ill i Company. 323 rnea'nut Htr-ei. Tuesday.
The follow-In statement was l.,..Ull .V.e'T-r? 'f ."p'-.rd'o? nirSSS,.l''toMior55
In connection with the report- i for th eneuln year
"The allowance of tU.stl.OQO for d. . i Transfer book f tho ("V-np.sr.y will clnaa
preclntlon and demetton exceeded liiet ' Jonuary 20th ami ' "Vir.V Phr .,arv ,,lh 1021.
yenr'q allowance by II. '175 .'(id. This in- i Il'"l " ,'-'j;e'arv
crease was caused by the Increased i-t rinr.MTY THI st Comimnv
value of plants In or-ern'lrn throueh i- ...'' ptn'.d. ,i h.a unun js Tin,
thn vear and In addltl n all Inventories rte etAte.t imiiiI 'i ..f'tic atocke
'vere adjusted In value to -ithr th st s.iidera of this mrmm l ', he h. , Bt It
of production or purch-ts. price, usln.- .7.. I-,'.';' ' i.V.... a '. .; . . ' " .. i"'l.
tne lowest utrure in e.ieti es,.
Financial Briefs
i 'I ui-Mlaj . I rlirner S tti.'l, m o'clock
Mill, HI nn- I T 'i..n ,,i I ll()1r(j ,,f ni.
tnr" :or me eisj'n M-ir nn I for th
"ua h may
lr,.t,ffaettiin of t-ii i'l -
'lirl.t I. t ir f-. "i
J i-P.l'H M Mum
. retnrv
The average, price of tivutv heti.i
Industrial ntiK:k nihancil 52 'r ct-t.t
to i( ji yesterday, unue twent- rail
pS?0 oprin: or rmr inn.rui v tucst
PhlHIo'rhl.i .far ary si to"!
An Arnual Me-inf of i . St irHnM.;. ..
roads madu a B.iln of .19 ih.t cent to .''', C"""'.' M,:l '"i h'? 'Jl hlr offlca on
7G.19 Tnrsilaj 1 eliriittry S .1021. ai 12o'ooil!
m and en the m da in eiert'on will
he h'ld heiw-ri the ni-s of 12 o'clock rn
The 1'nlt.sJ Krult Co has Issued It.' 'in' ' ?Lc.'f ?..?-?-!'. ' D""r t i.rvi
inual report, fur th- year ended D, ' , xtprro,
i emuer ji xnnu nL' net in.-rtmd nfi-i-
Interest and tnseH of 129 005 107,'eou'- i i-fT TJ't..
ulent to I.'S oi ii bhare earned on the I .' h ., ).,
I .1.1 nil ft nnn ..n..t.n, . .- . . j , erfn el .n
', j-i,,vwu iiii'n ii eiiv-i iis conipa.ea
with net Income of 520 Iit.1,R17. or
140,07 a sh.uo eiirneil on the ISO JH".
f.UO e.ipltal stock In the previous fifteen
months.
7:30 r.
'"YSerretarr.
SMVL MKITISO OF TniB
V v ."' " '. 'd at isoo
iniliir. .lantiiiri 31. 1021. it
CMAnEtir p i.itiniipt,.
Pi-uiilo'nt.
spccl.il riuettnp; uf Atlantic It, 1r
Inp Co s'oekbolilers will be he.d A pi I
ll to authorize an Issue of flioi
ten-j ear 7 iwi cent if". note.s or di -
dentures
Peupoanl
illl
' iiri-if'i: nl
i in 1 1 in
CITY IIU.I-
.., ,e I I't '
stationery end t--i; le
ll h m.Uet .. th
ii. i
rim wim i-iii iV
i'iin..4i)i:i..n.C
or ,r!i -,. 1, ,.,k ,,,,.
h- ejr trij
' "' 'loniliiv.
f. r
t ..... bi. i i nr; . tir mum n .
' !', P ""'-, ' ' ' ' , F,f".' ' - ' mmitVii 'Jl
Thn Centrtl Wlsitmsln Hallwnv Co- ' .iH . 'r'"' '. '" "! , ' n i..hih thi
was imthorir.d mdav bv the Interstate I "li-,m.u1,,n ', "."!.'. .e.. at .i ;h"':h,i '"n
Commerce Commmslon to a.-uu're nn! ;i',,nr t.. dmiver-t .'jrtnjt im rin!?
operate a alt (lie nille road In lim , ordered N. il'4- Ml Ui -e.ei"d .
Claire and C'.irlt nuintle.s Wlseonsln, rept frim peie.ua a' n-e munufaciurerl
unib-r lease from the rotrchlld and or dealers t t'- a-tif thry miy l
Northwestern lth an option of pur- fr- Tne rrei. ir. r eyr,., . r(ht
ihnse About liisiioo w ul I tv n-ed.d "V.1. .J"JVe ,..ni..i i . . . " .'i .?.rPoal
'." ti.d h.l. li-eli 1.1 - 'h ,IV-L-'"V
to ispilp and start rperstnu !h new
line, It was stated
The American AVboiesale Conionit! in
for the ear er led Deeemner 31 re
tains net i-.irtilncs after fi,l .r.il tuxes of i
26 774, i'(Ullllli-llt artel tl-.lui lion "f
tire erred dlMdends to Cd cents a almre
earned on the l'nl shares oi ommi n
sli'i'k o" no pur ahii- ns eompired with
4?!2812 or 12 21 o blmre on the
Oi "00 sbsren !n fie pre iIIfik jetr
,....! lid
A ISlI.d h.l. I"''"
,,. ,t na duo nil
lertH,
I ii h
'i I. n.i ii
" f ray ai
rilEPKUi'K J MriY,-T,
' i' v,a,Jr;r
rrois's-ils fr Hie 'instriieiloii of Non.
i.niTlllKsl.llltsJ Oltlerrs' UimrlM
Ullltt- of tie (oiisiruitliiK liiMrtrrmaair.
I'runklntil irnil. I'hllu . l'a.
Hralod
unit. . P-
,.,.. in .t for
Vli -ia uii.l S
p ... wi 'i i,t ..-elvtid h.r.
letriiary s iuzt. nn,i tn,i
14 ll ' t '(ill .1 Si alucl .v",l
n Hi'PMatloiv
in- tttnrii
The Old Tin Box
Contained the'iso' . , upon thousands of hIiuiv i of stock, hut they
werti not worth the pirw they w.'te written nn
Do ni know Hint mi maj pi'. I us.. tliiiin.-'i us uh uri.ill a Jot
as 10 shares nf u.v of the 'etter K-"iid 'Isted N'. w York Htiek Kxi'hanirs
socurlti-n tiy pln"irK m inltia, I'cpos'i and nrmt. to poy the halanc
In mon't.lv liibtnllm. nis
Our booklet '.S.iwni; nnd Intestine ' will be chei rfully sent to you.
It explains tin- etoi)
Alan A. Alexander & Co.
STOCKS and BOVDS
COLONIAL TRUST DLDG., PHILADELPHIA
Hell I I.oeust 3340-1. 2. 3. 4 llrimrli Offlea
Keyatonri llneo 1071 Ilrldgeton, N, J.
'v.
3